A private bank in Switzerland is offering its clients services to help them better manage their bitcoin holdings.
Falcon Group announced today that it is launching the product, one aimed specifically at allowing customers to buy and hold bitcoin with their traditional accounts. The services are being offered in partnership with Bitcoin Suisse AG, a bitcoin brokerage founded in 2013.
Arthur Vayloyan, global head of products and services for Falcon, said in a statement:
"We are proud to be the first-mover in the Swiss private banking area to provide blockchain asset management for our clients. Falcon is convinced that the time is right to enter this nascent market and it is our firm belief that this new product will fulfill our clients' future needs."
As part of the announcement, Falcon also revealed it has installed a bitcoin ATM in the lobby of its Zurich headquarters that will be open for public use. The integration reportedly came about following discussion with the Swiss Financial Market Supervisory Authority (FINMA).
While it's rare for a bank to openly embrace cryptocurrency, Switzerland has emerged as active in supporting blockchain-related initiatives in both the public and private sectors. Just yesterday, for example, the Swiss Federal Council revealed the regulator is "swiftly" moving toward a legal designation of digital currencies.
In addition, the city of Zug, which has openly expressed its intent to help move forward the adoption of blockchain technology, and which is backing an industry consortium called the Crypto Valley Association, recently revealed it intends to launch a digital identity service that utilizes the tech this fall.
Bitcoin image via Shutterstock
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SwitzerlandBankingasset managementFalcon Bank
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